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HomeEconomyNavy spending is $56B financial driver in San Diego, new report says

Navy spending is $56B financial driver in San Diego, new report says

Navy and protection spending stays a big and stabilizing pressure on San Diego’s financial system, in line with an annual report launched this week.

Based on the Navy Financial Influence Report, $36 billion in direct and oblique protection spending resulted in 356,000 jobs and had a $56.2 billion impression on the area’s financial system. That’s virtually one-quarter of all jobs within the county and 1 / 4 of the financial system, the report says.

Greater than 115,000 active-duty service members are stationed in San Diego, together with greater than 63,000 sailors, 46,000 Marines and 900 Coast Guardsmen. Almost 30,000 native civilians work in federal protection jobs.

Nonetheless, as giant because the operational army footprint in San Diego is, it’s the native contractors who symbolize the vast majority of the roles and financial impression.

Virtually 210,000 jobs got here from Protection Division contracts this 12 months, the report discovered — a rise of about 9,000 jobs from 2021. Smaller companies additionally profit, the report says, noting that 31 p.c of native contract spending — $19.3 billion — was unfold amongst greater than 1,700 native companies.

The biggest contractors within the area are Poway-based Basic Atomics — a serious producer of unmanned army plane — Northrup Grumman and Basic Dynamics NAASCO.

Navy operations spending is more likely to enhance in 2023, the report says, thanks partly to the anticipated arrival of a number of extra U.S. Navy ships within the subsequent 12 months, together with a 3rd nuclear-powered plane provider. Every provider and the three,000 sailors connected contribute about $1 billion to San Diego’s financial system, the 2019 report discovered.

The annual report — now in its fifteenth 12 months — is a product of the San Diego Navy Advisory Council and the Rady Faculty of Administration at UC San Diego. SDMAC is a non-profit that helps and promotes the army and related companies in San Diego.

SDMAC President and CEO Mark Balmert, a retired Navy admiral, stated the group produces the report yearly as a part of its mission.

“We work to teach and inform our neighborhood on the impression and advantages of getting the army right here,” Balmert stated in an interview. “Whenever you look again on the years of the pandemic, army {dollars} elevated when each different sector was collapsing.”

That is the third 12 months SDMAC labored with Rady on the report. Its findings are a product of the enterprise college’s graduate college students.

“It’s not a self-serving report the army may put out,” Balmert stated. “It’s unbiased.”

The report additionally accounts for veteran and Veterans Affairs spending within the area. It discovered greater than 230,000 army veterans dwell in San Diego County — about 17 p.c of the inhabitants. The VA San Diego Healthcare System employs greater than 4,000, the report says.

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